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Government temporarily suspends VAT refunds due to lack of funding

Unknown-35The government of Trinidad and Tobago temporarily suspends Value Added Tax refunds due to lack of funding.


This according to an International Monetary Fund (IMF) Senior Economist with the IMF’s Fiscal Affairs department.


Finance Minister Colm Imbert, is yet to comment on the IMF’s statement.
However the IMF Senior Economist says in a number of countries, the expansion of zero-rated domestic supplies of goods and services has contributed to building up a large volume of VAT credits, including in the Retail Sectors.


She says this has increased the number of refund claims and put tax administrations under pressure to refund the credits within acceptable periods.

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